The Norfolk Pension Fund told its Pensions Committee on 15 September 2026 that new government sanctions linked to the occupied Palestinian territories have no direct impact on its existing investment portfolio.

The Head of Funding and Investment explained that if any companies the fund holds shares in were found to be breaching the sanctions, that would become a matter for formal engagement — a process where the fund uses its shareholder influence to push for change.

The committee also heard that the fund is still waiting for a government response to questions raised by the Scheme Advisory Board regarding legal arguments put forward by the Palestine Solidarity Campaign. No response has been received to date.

On the broader question of how the fund handles carbon-intensive investments, officers said the approach relies on ESG (environmental, social and governance) integration and active stewardship rather than outright exclusions. Companies in high-carbon sectors are not automatically ruled out, as they may have a role to play in the economic transition to net zero.

When asked whether legal advice had been sought before responding to the Palestine Solidarity Campaign, officers said no separate legal opinion had been commissioned. The fund instead relied on existing legal guidance, advice from LGPS Central — the fund's investment pool — and ongoing work by the Scheme Advisory Board.

The committee also heard that the fund has made local investments in affordable housing that have met expected returns, with detailed performance figures to be shared with members outside the meeting.